Inside El Salvador's Plans Of Volcano Mining
Crypto Daily
| Published 1 day ago
By Crypto Daily
The Republic of El Salvador, a Central American country with close to 7 million inhabitants became the first country in the world to adopt bitcoin as legal tender on June 9, 2021.
Notably, in practice, El Salvador does not have its own currency and uses the US Dollar and now Bitcoin as a medium of exchange. The country's president, Nayib Bukele, said that Bitcoin will be used to help Salvadorans living abroad to send remittances back home while saying the U.S. dollar will also continue as legal tender. He also estimates that the move to adopt Bitcoin as legal tender will bring "financial inclusion, investment, tourism, innovation and economic development" to El Salvador.
However, Mr. Bukele and his government's affair with Bitcoin does not stop there. They have directed state-owned geothermal electric firm, La Geo, to develop a strategy to offer bitcoin mining facilities using renewable energy from the country's volcanoes.
These moves quickly promoted both Mr. Bukele and El Salvador to celebrity status within the cryptocurrency community. The use of cheap and renewable resources for mining cryptocurrency has been a challenge and point of focus for miners. Heavy use of fossil fuels and their harmful environmental impact has been Bitcoin's critic's most used weapon.
When the crypto community saw a country and their leader rally behind "Volcano Mining", social media erupted with admiration and support for the effort. MineBest shared their insight on both the feasibility of harvesting Volcano energy and the carbon footprint of the current global Bitcoin mining operation. MineBest is a global company founded in 2017 specializing in cryptographic computing activities, providing professional hosting services for mining Bitcoins and other cryptocurrencies.
Volcano Energy Harvesting And Its Feasibility
Before looking into Volcano-powered Bitcoin mining, it is important to understand what exactly Volcano Power harvesting is. Volcano Power harvesting is, in essence, Geothermal Power harvesting.
More:
https://cryptodaily.co.uk/2021/07/inside-el-salvador-plans